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    • Star81
    • By Star81 14th May 18, 9:16 PM
    • 20Posts
    • 0Thanks
    Star81
    Wills and my items
    • #1
    • 14th May 18, 9:16 PM
    Wills and my items 14th May 18 at 9:16 PM
    Hello. I recently posted about what would happen to my debts should I die and received many useful answers. I am curious to understand if it would make any difference if I made a will. I have a car and a few personal items which I understand may be taken to pay towards my debts. If I made a will stating which items I wanted to go to specific family and friends does this mean they would definitely go to those people or can they still be used to pay off the money I owe? I am new to all this and have never looked I to making a will, I don't own much but what I do own I would like to go to the people I care about. Thank you
Page 2
    • Yorkshireman99
    • By Yorkshireman99 15th May 18, 6:55 PM
    • 4,802 Posts
    • 4,022 Thanks
    Yorkshireman99
    Have you checked whether those people want those items? The car especially will need to be taxed, insured, MOT'd -- or stored off-road.

    If you want to you can just write nice things to people in your will if you don't want them to feel forgotten.
    Originally posted by Owain Moneysaver
    From what the OP says at this point his estate would be insolvent so the items will not end up with those wants to have them anyway.
    • getmore4less
    • By getmore4less 15th May 18, 7:22 PM
    • 33,653 Posts
    • 20,365 Thanks
    getmore4less
    Secured debts (such as a mortgage) take priority over funeral expenses (strange but true - it's a common misunderstanding).
    Originally posted by Brynsam
    The asset is not part of the estate at that point only the free equity in the asset.

    If the asset is not enough to pay the debt then what's left drops down to the unsecured tier below the funeral...
    • getmore4less
    • By getmore4less 15th May 18, 7:25 PM
    • 33,653 Posts
    • 20,365 Thanks
    getmore4less
    People should look up abatement it's well documented
    • 74jax
    • By 74jax 15th May 18, 7:35 PM
    • 4,821 Posts
    • 6,679 Thanks
    74jax

    This doesn't even include the student loan of 18,000 and I'm not sure what happen so on that regarding paying it back upon death.

    I have no savings and own no property nor have a mortgage. My car is only worth around 300 and apart from that I only own a tv that's worth around 100 and an iPod worth about 30. ;
    Originally posted by Star81
    I understand student loans are written off when you die.

    Re 30 ipod, is it worth the worry you seem to be having? Would they want it?
    Forty and fabulous, well that's what my cards say....
    • Dox
    • By Dox 15th May 18, 7:44 PM
    • 1,034 Posts
    • 806 Thanks
    Dox
    I think the bequests mentioned first in the will take priority, so in the above event C's diamond gets sold.

    A and B get their diamonds, C does not get a diamond, and any remaining cash left after the debts are paid goes to the residuary legatee.
    Originally posted by Owain Moneysaver
    You are correct in that specific bequests are the first bequests to be distributed, but the order in which bequests are shown in the will doesn't mean that A and B get priority unless the testator expressly says they do.
    • comeandgo
    • By comeandgo 15th May 18, 7:51 PM
    • 2,291 Posts
    • 3,127 Thanks
    comeandgo
    Even more import is to never DIY a will or use a will writer. Spend the money with a solicitor and remember that all wills should be reviewed at least every five years. Also remember that if you marry the will become invalid.
    Originally posted by Yorkshireman99
    Not in Scotland. We have rules all of our own.
    • Star81
    • By Star81 15th May 18, 9:37 PM
    • 20 Posts
    • 0 Thanks
    Star81
    Thank you all for your advice. I guess it's true to say no one will bother trying to sell my worthless items to pay off my debts, they would be purely for sentimental value. I was curious what would become of my student loan which I will never be able to pay off anyway. Thanks again all
    • Dox
    • By Dox 15th May 18, 11:25 PM
    • 1,034 Posts
    • 806 Thanks
    Dox
    I was curious what would become of my student loan which I will never be able to pay off anyway. l
    Originally posted by Star81
    A quick bit of googling would have answered that instantly: it would be cancelled if you died (and would normally be 'forgiven' - written off - after 25 years).
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